Mobileye, a Jerusalem-based developer of autonomous driving technologies owned by Intel, has announced plans to lay off around 200 employees, representing about five percent of its global workforce. The majority of these layoffs will impact staff in Israel, where most of Mobileye's 4,000 employees are located. The company stated that the cuts are part of ongoing adjustments to meet changing business needs and will offer support to affected workers while continuing to hire for key positions.

Mobileye has faced significant challenges recently, with its shares dropping over 40 percent since the beginning of the year, resulting in a market value of $9.5 billion. Earlier in the year, Intel reduced its stake in Mobileye, selling nearly $1 billion of its holdings. The layoffs come after the company closed its lidar sensor development division and let go of 100 employees in September, reflecting a broader response to declining demand and revenue in certain areas.